https://www.taxtmi.com/caselaws?id=277001 Section 158BD requires satisfaction that undisclosed income belongs to a person other than the searched person, and the record must be transmitted for assessment under section 158BC. The Supreme Court in Manish Maheshwari treated satisfaction as a condition precedent for invoking the provision. The earlier Division Bench ruling in Panchajanyam stated that, where the same Assessing Officer handles both the searched person and the other person, non-recording of satisfaction does not invalidate the assessment because the record-transfer requirement is still met within the composite assessment process. Calcutta Knitwears was confined to the timing of the satisfaction note and did not overrule that distinct principle. en-us Fri, 13 Jan 2017 00:00:00 +0530 Wed, 21 Nov 2018 21:27:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277001 Section 158BD requires satisfaction that undisclosed income belongs to a person other than the searched person, and the record must be transmitted for assessment under section 158BC. The Supreme Court in Manish Maheshwari treated satisfaction as a condition precedent for invoking the provision. The earlier Division Bench ruling in Panchajanyam stated that, where the same Assessing Officer handles both the searched person and the other person, non-recording of satisfaction does not invalidate the assessment because the record-transfer requirement is still met within the composite assessment process. Calcutta Knitwears was confined to the timing of the satisfaction note and did not overrule that distinct principle. Case-Laws Income Tax Fri, 13 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277001